Advent Technologies receives official ratification from the European Union for the IPCEI “Green HiPo” project

BOSTON, July 18, 2022–(BUSINESS WIRE)–Advent Technologies Holdings, Inc. (NASDAQ: DNA) (“Advent”), an innovation leader in the fuel cell and hydrogen technology industry, is pleased to announce that its Green HiPo (“Green HiPo”) under the Important Project of Common European Interest (“IPCEI”) ) Hydrogen Technology has now received official ratification by the European Commission (“Commission”) of the European Union (“EU”).

The Green HiPo ratification was part of 41 projects under the Hy2Tech initiative, jointly prepared and notified by fifteen Member States, namely Germany, Austria, Belgium, Denmark, Spain, Portugal, Estonia, Finland, France, Greece, Italy, the Netherlands, Poland , Portugal, Czech Republic and Slovakia. Member States will provide up to €5.4 billion of public funding, which is expected to free up an additional €8.8 billion of private investment. Under this PIIEC, these 41 projects will involve 35 companies operating in one or more Member States, including small and medium-sized enterprises and start-ups. Advent is one of eight ICPs that have received ratification. The direct participants will work closely with each other through numerous planned joint projects, as well as with more than 300 external partners such as universities, research organizations and SMEs from all over Europe.

PIIEC will cover a wide range of the hydrogen technology value chain, including (i) hydrogen production, (ii) fuel cells, (iii) hydrogen storage, transportation and distribution, and (iv) end-user applications, in particular the mobility sector. Advent is engaged in the production of hydrogen and fuel cells.

Vassilis Gregoriou, Chairman and CEO of Advent: “Advent welcomes the full ratification of Green HiPo and looks forward to breaking new ground with this transformative project. Green HiPo is a clean energy victory and a huge step forward in Europe’s movement. from fossil fuels to clean energy. The impacts of climate change are clearly widespread and Advent will work to roll out the Green HiPo project quickly and efficiently. Advent applauds the Commission for ratifying funding for this visionary project, and we hope this is the first in a long line of projects around the world that will produce low-carbon energy on an unprecedented scale.”

Adonis Georgiadis, Greek Minister of Development and Investment: “With the support of the Greek Prime Minister Kyriakos Mitsotakis and the Greek Ministry of Development and Investment, Greece has managed to become part of an initial group of important European hydrogen projects of common European interest. Today we have the official ratification of these projects by the European Commission, making Greece one of the world leaders in energy storage with this new technology. Greece will take the place it deserves, the place of the protagonist.”

Yiannis Tsakiris, Deputy Minister of Development and Investment: “This is the first step in the development of hydrogen production in our country under the auspices of the European Commission, which also contributes to the energy sustainability of Greece through independence from fossil fuels. the challenge is to find and secure the necessary European resources so that these projects can be rolled out very quickly and efficiently.”

According to a press release issued by the Hellenic Ministry of Development and Investment, the Commission has approved state aid for Greece in the amount of 800 million euros in public spending, subject to the availability of resources. Greece has two projects under the Hy2Tech initiative: B&T Composites (H2CAT project) and Advent (Green HiPo project).

Commenting on the approval of the 41 projects, Margrethe Vestager, European Commission Executive Vice President for Competition, said: “Hydrogen has enormous potential. It is an indispensable element for the diversification of energy sources and the transition to “green” technologies. However, innovative technologies may be risky for one Member State or company. This is where IPCEI public assistance can play a role.”

Asked about the approval of cross-border projects, EU Commissioner for the Internal Market Thierry Breton said: “Facilitating the development and deployment of hydrogen will boost jobs and growth across Europe while advancing our environmental and sustainability agenda. This ensures an environmentally friendly energy transition.” intensive industries and strengthens our independence from fossil fuels. Through this IPCEI, we are seeing hydrogen production in the EU move from laboratory to production, and our industry is transforming technological excellence and commercial leadership. Of course, we are not only supporting hydrogen through funding. We are also have made significant progress in establishing partnerships within the Alliance for Clean Hydrogen and developing pan-European rules for the formation of a hydrogen market and the creation of dedicated infrastructure. challenge: place Europe as a leading region in the industrial conversion of hydrogen”.

In order to conduct its evaluation, the Commission has determined that the Green HiPo project meets its requirements, among other things:

  • The project contributes to a common goal by supporting the strategic value chain for the future of Europe, as well as the goals of key European policy initiatives such as the European Green Deal, the EU Hydrogen Strategy and REPowerEU;

  • PIIEC is very ambitious as its goal is to develop technologies and processes that go beyond what the market currently offers and that will enable significant improvements in terms of performance, safety, environmental impact and cost effectiveness.

  • IPCEI also involves significant technological and financial risks. Therefore, government support is needed to create incentives for private investment; as well as

  • The results of the project will be widely disseminated by participating companies with public support, with the European scientific community and industry supporting companies and countries that are part of the IPCEI. Therefore, positive side effects are expected throughout Europe.

During the initial funding period and in accordance with the parameters of the project, Green HiPo Advent will innovatively develop, design and manufacture fuel cell and electrolytic systems in Western Macedonia, Greece.

About Green HiPo

The Green HiPo project includes the development, design and manufacture of fuel cells and HT-PEM electrolyzers for the production of electricity and hydrogen, respectively. The project will be based in Western Macedonia (Greece) and will significantly help the region move from a coal-based economy to a greener economic model. The state-of-the-art site in Western Macedonia will ensure the production of fuel cells and electrolyzers and will contribute to the economic development of the region.

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is an American company that designs, manufactures and assembles complete fuel cell systems and supplies its customers with critical fuel cell components in the renewable energy sector. Advent is based in Boston, Massachusetts and has offices in California, Greece, Denmark, Germany and the Philippines. With over 150 registered, pending and licensed fuel cell technology patents, Advent owns the intellectual property rights to the next generation HT-PEM, enabling a variety of fuel cells to operate at high temperatures and under extreme conditions. automotive, aviation, defense, oil and gas, marine and energy industries. For more information, please visit www.Advent.energy.

Caution regarding forward-looking statements

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contacts

Advent Technologies Holdings, Inc.
Naeem Hussain/Michael Trontsos
[email protected]